Govt indicates printing of Rs 2000 note stopped for now

Written by January 4, 2019 12:38

New Delhi: There has been no decision recently regarding production of Rs 2,000 notes and its printing is planned as per projected requirement, Economic Affairs Secretary Subhash Chandra Garg said.

Subhash Chandra Garg, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India tweeted today, “Printing of notes is planned as per the projected requirement. We have more than adequate notes of Rs 2000 in the system with over 35% of notes by value in circulation being of Rs 2000. There has been no decision regarding 2000 rupee note production recently.”

As per the official RBI data, currency worth 18293.4761273436 billion was in circulation till March 31, 2018. Of these, Rs 6.73 lakh crore was in Rs 2000 notes and Rs 7.73 lakh crore in Rs 500 notes.

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The Rs 2,000 note, along with the new Rs 500 note, was introduced in November 2016 to replace the demonetised Rs 1,000 and Rs 500 notes and to deal with the acute currency shortage.

The RBI annual report 2018 says that as many as 3,363 million pieces of Rs 2000 notes were in circulation by March 2018.

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PTI report claims that the printing of Rs 2000 has been reduced to the “minimum”. And this is a usual practice to control the circulation of the money.

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A senior official told the news agency that the RBI and the government from time to time decide on the quantum of currency to be printed on the basis of money in circulation.

The printing of 2000 rupee notes has been substantially reduced. It has been decided to limit the printing of 2000 currency notes to a minimum. This is nothing new,” the official was quoted as saying.